1st Choice has MANY lenders the offer 100% financing.  100% means the lender will cover amount of the loan for the purchase of the house up to the price of the home.  Some lenders will also allow the seller to pay a certain % of closing costs also.

80/20 loans are actually 2 loans.  1st loan (or lien) is for 80% of the value of the purchase, buy doing a 20% 2nd loan, a homebuyer is prevented from paying mortgage insurance.

An ARM is a loan which is fixed for a specific amount of time.  Once that time has expired, the rate will fluctuate based on a specific value.  That value may be linked to various funds, or bonds.  As these bonds or funds go up, so does your interest rate.  The interest rate my go up monthly, every 6 months or every year.

This allows a buyer who is building a home to close just one time and lock in their interest rate.  Rather than waiting for the home to be complete, they close before construction begins.

Home Equity Line of Credit or HELOC is a loan based on equity built into your home.  The lender will give you a line of credit, inwhich you can pull as much or as little as you want, up to your credit limit.  As you pay this amount back, you can again get the money back.

Home Equity Loan or HELOAN is a loan based on equity built into your home.  But you take out the whole amount of the loan one time and pay it back.

A GREAT loan for 1st time home buyers, and sometime 2nd time home buyers.  This agency sells tax free bonds, and uses the proceeds to get clients lower interest rates.  There are some income limitations and home price limitations.  This should be the 1st loan a client applies for.

This loan allows the homeowner to make payments on their home based on the interest amount only.  No money from this payment will go towards the principal amount.

Sponsored by United State Department of Ag.  This loan is for developing communities under a population of 20,000.  Extremely low interest rates with some income and house price limitations.  Certain areas in Ada County and Canyon County do not qualify for this loan, but most of Idaho does.

This program allows a buyer to "state" their income.  Stating income may be necessary because they own their own business, or many other reasons.

Sub prime loans is a group of lenders which specialize in people with credit or financial issues.  Certain lenders will allow clients to get home 1 day out of bankruptcy.  100% financing with low credit scores.  Verification of income using just bank statements.

As part of benefits for Veterns, the federal government has established a loan program.  These are 100% loans specifically taylored to our service men and women.